One of the most significant challenges of Accounts Payable (AP) is encountering fraud. AP fraud could be damaging to the business. These incidents can happen in both external and internal environments of the organization. AutoReconcile gives an overview of classic methods of identifying fraud and how to prevent it. Having a basic knowledge of AP fraud can help protect the business' financial loss. Identifying Suspicious Fraud Incidents 1. Increasing...
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Admit it. Accounts reconciliation is one of the most problematic as many CFOs admit that it slows down the closing process. AutoReconcile finds the best and effective ways to enhance reconciliation to improve workflow. Some accountants are lucky enough to survive despite the fact that the manual process causes high chances of human error. Some accountants count on Excel spreadsheets but it has a lot of restrictions....
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The Finance department undergoes a payment process with their suppliers every month, and most of them are reconciling the invoices/statements manually. AutoReconcile believes that through automation, the statement reconciliation process would improve over time. In a typical process, the Accounts Payable (AP) specialists take care of this work. They receive the invoices from the suppliers and record them on the company’s system. Then, AP specialists are responsible for...
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